Following the ending of the freeze on repossessions at the end of January 2023, lenders sent hundreds of letters to defaulting borrowers repossessing their homes and putting them under the hammer.
The letters, which informed borrowers that their homes would be repossessed and auctioned were sent in the space of just two months and involved 252 homes with a total value of €65 million.
However, when they went under the hammer a mere 11 of the 252 were sold, of which seven were villas. These 11 were bought by third parties or the lender following six months from the conclusion of the repossession process.
Information from the Central Bank of Cyprus indicates that the banks and debt purchasing companies broke their promise not to repossess and auction residences valued at less than €350 thousand.
